DSE 2.56% 20.0¢ dropsuite limited

exm vs fml

  1. 7,117 Posts.
    Ever considered the following?


    EXM 2,500M shares Mkt [email protected]=$30m
    Cash $11.5m EV=$19m

    JORC [email protected]/t Au = 1.3M oz Au Equiv (copper credits)

    Cash Costs $260-$325/oz = Margin of $775-$840/oz







    FML 2,650M shares Mkt [email protected]=$66m
    Cash $20M Debt $10M EV=$56m

    JORC [email protected]/t Au = 1.8Moz's Au

    Producing owns a 1.3Mtpa plant cash costs $600/oz and may get higher as they go underground


    Cash costs $600/0z = Margin of $500/oz



    EXM's head grade will be 4-5x higher and thus its cash costs half that of FML

    So EXM's margin should be 50%-75% higher than that of FMLs

    EXM's resource is largely open pit vs FML which has a good portion underground



    Based on the above comparison I can see EXM is worth at least 2c pre production

    if the drilling yields good results which extends the resource then 3c is on the cards

    if they can upgrade the resource by say 50% then 4c is on the cards


    Food for thought, enjoy : D


 
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